IVANS Insurance Solutions, a division of Applied Systems, has announced the results of its Q2 IVANS Index, a premium renewal rate index for the insurance industry.
Results for the second quarter showed annual increases in premium renewal rate change for all major lines of commercial business except workers’ compensation, which remained negative. Compared to the first quarter, Q2 experienced an increase in average premium renewal rate change in commercial auto, BOP, general liability and umbrella, IVANS reported. Commercial property and workers’ compensation posted decreases quarter-over-quarter.
Highlights of the IVANS report include:
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“This quarter’s results demonstrate a continued hardening of the market as the average premium renewal rates in most major commercial lines of business increased compared to Q1,” said Kathy Hrach, vice president of product management at IVANS Insurance. “As we continue to manage through the pandemic and changing regulatory environments, the premium renewal insights of the IVANS Index will provide a leading indicator of the strength of the insurance channel.”